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Taronis Technologies allowed to stay on Nasdaq for now

MagneGas Corp., a Pinellas Park-based alternative fuels company, is rebranding as Taronis Technologies Inc. Pictured is a slide from its presentation to investors Thursday. [Courtesy of Taronis Technologies]
MagneGas Corp., a Pinellas Park-based alternative fuels company, is rebranding as Taronis Technologies Inc. Pictured is a slide from its presentation to investors Thursday. [Courtesy of Taronis Technologies]
Published Jul. 12, 2019

Taronis Technologies Inc. will continue to be listed on the Nasdaq stock exchange for the time being.

The Arizona-based alternative fuel company, formerly named MagneGas and based in Pinellas Park, now has until mid-September to meet the stock market's minimum share price requirement to maintain its listing, according to a Friday filing with the Securities and Exchange Commission.

The extension comes two months after Taronis was threatened with being de-listed for its streak of sub-$1 share prices. Publicly traded companies must maintain share prices of at least $1 to stay listed on the Nasdaq. The company appealed the decision and now has until Sept. 19 to get its share prices to at least $1 for 20 consecutive days.

Taronis, which still has facilities in Pinellas County, hasn't maintained share prices above $1 since the first few weeks of the year. Its stock was trading at about 25 cents a share Friday afternoon.

The company's alternative fuel, MagneGas, is used in metal cutting. It was the subject of controversy following the death of two men who were handling the fuel on separate occasions in 2015 and 2017.

The company recently ousted chief technology officer Ermanno Santilli, who served as CEO until last fall.

Taronis did not return requests for comment Friday.

In May when Taronis was facing being delisted, CEO Scott Mahoney said the low share prices were due to "fears and doubts."

"There are a lot of people on message boards that prey on investors' fears," he said. "The reality is, the business has never been stronger."

Contact Malena Carollo at mcarollo@tampabay.com or (727) 892-2249. Follow @malenacarollo.

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